Ivy Lofts: Condominium High-Rise At 2604 Leeland St.

[jmitch94]

Promising, lets just hope those weren't the only 65 people interested.  

[BigFootsSocks]

After talking to one of the ReMax realtor's associated with this, I'm really surprised at how, well..."affordable" these condo's are; at least, the smallest "Tokyo" condo is. HOA fees are incredibly low, around $119 thanks to the amount of units available. After the mandatory 20% down payment has been factored in (10% up front, 10% as construction progresses), the price is about the same as paying for a mid-end apartment. 

 

I think the only issue people will have with this is putting down the up front costs for a project that hasn't even broken ground yet. Although, I assume this isn't a radical concept for many of these new condo towers. I assume all the funds will be reimbursed if the project doesn't move forward?

[cspwal]

Sneak peek: Inside Houston's first micro-unit condos

 

Looking at the picture gallery, I can't tell how the furniture is supposed to be changing at all besides the dinning table appearing for dinner.

 

Also that's a lot of people in a small space for a dinner party.

 

Morning: 

 

Afternoon:

 

Dinner time (note the magically appearing table and the bookshelf that turned into a bar)

 

 

Late night dance party

[astros148]

I love how they have to include a interracial couple for the simple sake of not discriminating.

Also those pictures show the best angle on the units, other pictures show it completely different.

[BigFootsSocks]

I love how they have to include a interracial couple for the simple sake of not discriminating.

Besides being just a pretty hot take, racist, and flat out ignorant, I'll bite.

How about you remember Houston is the world's most diverse city in the world, mkay? So what does that mean? Yep, you guessed it, it's pretty diverse! Who would've guessed it?!!!!

[jmitch94]

 I assume all the funds will be reimbursed if the project doesn't move forward?

 

 

I have wondered that as well. Does anyone know the exact procedure if a building got canned after people "bought" units? 

[BigFootsSocks]

I would like to think it's refunded, but it's still technically an investment right? Although you are purchasing a good, rather than investing into the process that will make that good into reality. So maybe the investors lose money but the potential buyers don't?

[astros148]

you get your money back, have done it before

[Urbannizer]

 

Also that's a lot of people in a small space for a dinner party.

 

 

A friend of mine had an one-bedroom apt around the same size (though he'd have a few more ppl over for a party). It's easier for everyone to socialize with one another.

[Urbannizer]

Ivy Lofts should complete in 2018. Meanwhile, Novel Creative Development is confidently eyeing its next micro-unit developments. Lisa tells us the team is planning two more micro-condo projects at the Med Center and the Galleria.

 

https://www.bisnow.com/houston/news/commercial-real-estate/ivy-lofts-debut-micro-condos-in-houston-55437

[SmellyHoustonian]

If the payments + HOA fees were low enough, they would be good investments to purchase and rent out UH students for $800-$1000. 30 Year mortgage on a $120,000 unit (assuming $20k down) is about $500.

[HoustonMidtown]

If the payments + HOA fees were low enough, they would be good investments to purchase and rent out UH students for $800-$1000. 30 Year mortgage on a $120,000 unit (assuming $20k down) is about $500.

 

They are limiting rentals to 25% of the building according to the presentation last weekend.

[db650]

How can you allow only some owners to rent their units?

[cspwal]

I'd imagine it would be part of the HOA

[hindesky]

How can you allow only some owners to rent their units?

Condos I live in only allow a certain mixture of owner lived vs. renters or it affects our ability to get loans for repairs, too many renters and the banks question the ability to repay loans. 

[Urbannizer]

90 units reserved.

[HoustonMidtown]

$536,134 !!!

 

http://www.har.com/2604-leeland--2407/sale_39639734

Edited February 20, 2016 by HoustonMidtown

[cloud713]

I wonder how big a comparably priced condo is at Marlowe

[HoustonMidtown]

I wonder how big a comparably priced condo is at Marlowe

 

Here's a larger unit in Marlowe for $440K (with large price cut)

 

http://www.har.com/1311-polk--903/sale_87127894

Edited February 20, 2016 by HoustonMidtown

[cloud713]

.

Edited February 20, 2016 by cloud713

[jgriff]

$613 a square foot. Many houses in River Oaks don't reach that level. You can get a pretty nice place in Montrose for less than half the price per square foot.

[astros148]

Sure they would take 400k for that place. Even then too expensive for a one br

[adr]

$613 a square foot. Many houses in River Oaks don't reach that level. You can get a pretty nice place in Montrose for less than half the price per square foot.

 

Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy.  There is nothing in River Oaks or Montrose that small.  I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.  

[db650]

You're also paying for a share of common amenities. Nonetheless, on a per square foot basis 600 a square foot is more than most Ricer Oaks condos and even the new, River Oaks Highrise.

[jgriff]

Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy.  There is nothing in River Oaks or Montrose that small.  I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.  

Except that yes you can. The price on the unit referenced is $536k. You can get places all over Montrose for that price. No, you can't get River Oaks but you can get Montrose.

[Ryanbergeron83]

Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy.  There is nothing in River Oaks or Montrose that small.  I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.  

 

 

Edited February 22, 2016 by Ryanbergeron83

[EllenOlenska]

Since you asked, might I suggest that you're a very small person.

[UtterlyUrban]

How can you allow only some owners to rent their units?

Many, if not All condo associations have this rule. I am told it is a mortgage underwriting rule. I.e. Mortgages underwritten by Fanny, Freddie, whomever, need to have this requirement in place.

Condos have a "leasing permit" process. You apply with your HOA and if their are permits, you get issued one. You rent your place. If their are no permits, you technically can't. As permits are issued they will be valid for as long as the unit is leased and expire, say, if the unit is unleased for, say, 90 days. When the permit expires, it will go to anyone waiting in line and if you still want a permit, you go to the end of the line.... So permits are only good for a year or two.... Then they expire and go to the next in line.

I have owned 4 condos in my life and all of them have worked in something "kinda like" this process.

[UtterlyUrban]

Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy. There is nothing in River Oaks or Montrose that small. I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.

.??

The referenced price is over $500k. You can buy a bigger unit at the Marlowe or commerce towers for that price

[jgriff]

Except that you can't - if you are just starting out in the world and can only afford in the $120k range to buy.  There is nothing in River Oaks or Montrose that small.  I think that one of the angles on these micro-lofts that we seem to all be overlooking is that while they cost more on a per-square-foot basis than in many markets, they are small enough so that single-income people early in their career can actually afford to buy them.  

 

 

This one is more to your point. It does appear to bring a new, lower price point into the neighborhood. It's also a lot cheaper per square foot. Although at $379 per sq. ft. it's still very high for Houston.  The larger units don't make sense at all to me. This one at least might make sense to some people. I still wouldn't buy one though. 

 

http://www.har.com/2604-leeland-1126/sale_8569453